Raymond James scoops up $370M of advisors from Merrill Lynch, Wells Fargo
Raymond James keeps up its steady recruiting pace as it onboards two wirehouse advisors overseeing a cumulative $370 million in client assets.
Michael Borza and John Malatino both joined the firm’s employee channel, Raymond James & Associates, in its Virginia Beach, Virginia and Viera, Florida offices, respectively.
The two advisors bolted from Merrill Lynch and Wells Fargo in January.
The new recruits join more than 8,000 independent and employee advisors at the St. Petersburg, Florida-based firm, which oversees total client assets of approximately $876 billion.
Borza is joined by senior client associate, Angela Toney, and Malatino by senior client service associate Fiona Walker and his wife and marketing associate, Jennifer Malatino.
“After much due diligence, it was obvious that Raymond James was the right decision,” Malatino said in a release. “I plan on staying here for the long run, so it needed to be the perfect fit in terms of shared integrity and values.”
A spokeswoman for Wells Fargo declined requests for comment on the moves. A spokeswoman for Merrill Lynch did not reply.
Borza has logged 31 years of experience in the industry, all spent at wirehouses, according to FINRA BrokerCheck records. Before his eight-year tenure at Merrill Lynch, Borza spent 22 years at UBS, where he got his start.
Malatino spent the entirety of his 21 years in financial services at Wells Fargo, according to FINRA BrokerCheck records. He began at Wachovia Brokerage Services, which was later acquired by the wirehouse.